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RE: Why Smart Media Token (SMT) will fail.
I'm actually not too sure! I think @ned and the @steemit team have thought of mostly everything.
I think the initial adoption curve could be pretty slow. I'm sure for the low $1 price many ICOs and coins will spring up from eager Steemit users, as you said, but not all of them will actually be useful to the community.
Otherwise, I think pretty soon some amazing SMTs could come up. SMTs can let bigger companies and publications like The New York Times monetize literally every interaction on their site. If SMTs are used widely on the Internet, it could spark the death of advertisements and paywalls.
I think SMTs will be very good for STEEM and for the average internet user as well!
From a social experiment , monetizing the comments or user engagement may back fire. People are overlooking social behavior !! How people interact would be different and it may or may not be good.. Some earlier experiments done by yelp ,with the same model actually failed. People were repulsed by "payment" part of it.
People were repulsed by "payment" part of it. I think that it a very good point. What is the psychological aspect of this? Thank you for that comment!
Yep, it's hard not to find a good conclusion on SMTs :)